A positive showing in Trump’s hope for reelection has kept the price of Brent crude above the critical support level above $40/barrel.
What we know; At the time of drafting this report, Brent crude traded above $40/Barrel gaining more than 2%.
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What this means; This is coming on the bias oil traders are now anticipating President Trump as the most likely winner of the highly contested the election, on the bias that he leads in Michigan, Pennsylvania, keeping the oil bulls enough gas to trigger prices of crude up arbitrarily as under his tenor America became the largest producer of crude oil and further maintained its lead as the leading producer of natural gas.
READ: Crude oil prices drop on falling US gasoline demand
Data from the Spectator Index showed President Trump leads in most battleground states that would ultimately decide the winner of the U.S presidential election.
Florida: Trump lead (91%) ,Pennsylvania: Trump lead (32%),Georgia: Trump lead (58%) Michigan: Trump lead (35%), North Carolina: Trump lead (91%) Arizona: Biden lead (73%)Minnesota: Biden lead (39%), Wisconsin: Trump lead (42%).
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US Presidential Election.
Donald Trump
Votes: 42,073,281
Electoral votes: 108
AR, AL, IN, KS, KY, OK, LA, MO, MS, NE, ND, SC, SD, TN, WV, WY
Joe Biden
Votes: 40,023,890
Electoral votes: 131
CO, CT, DE, IL, MA, MD, NJ, NM, NY, RI, VA, VT
— The Spectator Index (@spectatorindex) November 4, 2020